MEMBERS BENEFITS FUND POLICY (Death Benefits)
Members Benefits Fund given to the family of deceased member
I. Members entitled to Members Benefit Fund
The following are entitled to receive benefits from the Members Benefits Fund:
a. Members with minimum share capital of one thousand pesos (Php. 1,000.00);
b. Members in good standing (not delinquent in paying his loan and Members benefit Fund premium); and
c. Member's death is due to accident, illness and other natural death.
II. Source of Fund
Members shall contribute ONE HUNDRED PESOS (Php.100.00) Annually to the fund. It may be collected through the following:
III. Amount to be Received.
Amount to be received shall be based on the following conditions:
IV. Processing the benefits.
The following are entitled to receive benefits from the Members Benefits Fund:
a. Members with minimum share capital of one thousand pesos (Php. 1,000.00);
b. Members in good standing (not delinquent in paying his loan and Members benefit Fund premium); and
c. Member's death is due to accident, illness and other natural death.
II. Source of Fund
Members shall contribute ONE HUNDRED PESOS (Php.100.00) Annually to the fund. It may be collected through the following:
- Deduct from loan amount;
- Deduct from savings deposit;
- Deduct from the interest in savings or share capital;
- Deduct from the share capital, in case the member is withdrawing his membership; and
- Collect directly from the member.
III. Amount to be Received.
Amount to be received shall be based on the following conditions:
- Members from inception to December 31, 2000 shall receive auto-benefit of TEN THOUSAND PESOS (Php. 10,000.00), plus additional five percent (5%) of ending balance of share capital every year from the time he/she had a share capital of one thousand pesos (Php. 1,000.00) but not to exceed THIRTY THOUSAND PESOS (Php. 30,000.00).
- Members from January 1, 2001 shall receive auto-benefit of ONE THOUSAND PESOS (Php. 1,000.00, plus additional five percent (5%) of ending balance of share capital every year from the time he/she had a share capital of one thousand pesos (Php. 1,000.00) but not to exceed TEN THOUSAND PESOS (Php. 10,000.00).
IV. Processing the benefits.
- The benefits shall be given to beneficiaries declared by the member or to his/her immediate family.
- The benefits shall be given during wake, or after interment.
- In case the member died in an isolated place and the remains cannot be found, the beneficiary/family should bring the following: (a) Death Certificate; (b) Passbook.
- If in three (3) years from death, nobody claims the benefit, the amount will be reverted as income of ANADECO.
- The Board of Directors ma amend the policies from time to time.